Browse content similar to 13/04/2016. Check below for episodes and series from the same categories and more!
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Now on BBC News all the latest business news live from Singapore. | :00:00. | :00:13. | |
Another downgrade, the IMF cuts global growth forecasts again with | :00:14. | :00:22. | |
warns of risks ahead. Give a man a fish and he will eat it. But fish | :00:23. | :00:28. | |
farmers in Myanmar are hoping to it for a lifetime. -- hoping to eat | :00:29. | :00:40. | |
it. Good morning, Asia, hello, world, glad you can join us. We | :00:41. | :00:46. | |
start with the IMF and the Washington -based group has given a | :00:47. | :00:52. | |
pessimistic assessment of the global economy, cutting the growth forecast | :00:53. | :01:00. | |
for the second time in three months, with global expansion this year at | :01:01. | :01:05. | |
3.2%, down from 3.4%, which was forecast in January. Chinese | :01:06. | :01:10. | |
slowdown and weak commodity prices are being blamed but the IMF sees | :01:11. | :01:14. | |
financial risks and geopolitical shocks ahead. Maurice is the chief | :01:15. | :01:25. | |
economist of the IMF. We have seen a loss of momentum in advanced | :01:26. | :01:28. | |
economies in the second half of last year, particularly Japan, but also | :01:29. | :01:32. | |
the United States, the eurozone continues to move along at a subdued | :01:33. | :01:37. | |
pace. We've also seen continuing headwinds in emerging markets, | :01:38. | :01:39. | |
including some fairly large emerging markets. Despite China's growth | :01:40. | :01:47. | |
being a major factor in slowing economic expansion the world is the | :01:48. | :01:50. | |
second largest economy was also an unexpected bright spot in the | :01:51. | :01:53. | |
report. Its growth forecast was upgraded slightly. Earlier, our | :01:54. | :01:58. | |
correspondent joined us in New York. The IMF revised the Chinese growth | :01:59. | :02:04. | |
forecast to 6.5% for the year, citing policy measures, stimulus | :02:05. | :02:08. | |
measures, that were announced previously as the reason for that. | :02:09. | :02:12. | |
The fund also said it is reducing growth forecasting for China | :02:13. | :02:17. | |
long-term. It also said Chinese efforts to shift away from too much | :02:18. | :02:22. | |
focus on trade and investment to consumer spending at home, while | :02:23. | :02:26. | |
that has been rather painful for the rest of the world, because China | :02:27. | :02:32. | |
being a global trade player, it will be beneficial for the Chinese | :02:33. | :02:39. | |
economy long-term. On Wednesday, US time, the IMF will also release | :02:40. | :02:43. | |
another report, the global financial stability report, and in it we are | :02:44. | :02:49. | |
expecting to hear more about China because, obviously, no one needs to | :02:50. | :02:52. | |
tell us how volatile the stock market has been over the last six | :02:53. | :02:57. | |
months and the major part of it was the volatility in the Chinese stock | :02:58. | :03:01. | |
market. So, we are expecting to hear more from the IMF about China. Not | :03:02. | :03:08. | |
good news for the third largest economy in the world, Japan, with | :03:09. | :03:13. | |
the IMF expecting a contraction next year. Indeed. Japan is the only | :03:14. | :03:19. | |
event economy to be still expected to be shrinking in 2017. That is | :03:20. | :03:25. | |
according to the IMF. The reason behind that is the expected hike in | :03:26. | :03:30. | |
the sales tax, or the VAT, which at the moment stands at 8%, which is | :03:31. | :03:37. | |
low can head to the rest of the world, but it was 5% two years ago | :03:38. | :03:41. | |
and that is still having a knock-on effect on consumer spending -- | :03:42. | :03:45. | |
compared. There are have been a lot of debate among politicians in Japan | :03:46. | :03:49. | |
whether the planned hike to 10% next year should be delayed, but for now | :03:50. | :03:54. | |
the Prime Minister Shinzo Abe is sticking to the original plan and | :03:55. | :03:58. | |
that is the reason that the IMF has cited as possible shrinking in the | :03:59. | :04:04. | |
Japanese economy next year. Marico Oi in New York. Moving to social | :04:05. | :04:09. | |
media and Facebook has plans to shake things up again, this time | :04:10. | :04:15. | |
with artificial intelligence, and mounting a service allowing | :04:16. | :04:19. | |
companies to create so-called bots which interact with customers over | :04:20. | :04:23. | |
Facebook's messenger service. Here is our | :04:24. | :04:27. | |
Facebook's messenger service. Here is how Mark Zuckerberg explains. No | :04:28. | :04:32. | |
one wants a new app for every service a business needs to interact | :04:33. | :04:39. | |
with. We think you should be able to message a business in the way you | :04:40. | :04:45. | |
message is -- a friend. It should not take your full attention and you | :04:46. | :04:49. | |
should not have to install a new app. So, today we are launching a | :04:50. | :04:55. | |
messenger platform, so you can build bots for messenger. It is a simple | :04:56. | :04:59. | |
platform powered by a artificial intelligence. You can build natural | :05:00. | :05:02. | |
language services to communicate directly with people. So, what could | :05:03. | :05:07. | |
artificial intelligence services mean for the likes of you and me? | :05:08. | :05:16. | |
Well, let's ask a robot. So, what is a chat bot? Why are they popular | :05:17. | :05:37. | |
now? A robot can appeal against parking tickets on your behalf. It | :05:38. | :05:43. | |
is due to be launched soon in New York. What does the future look | :05:44. | :05:47. | |
like? A chat bot can be your personal assistant. They can tell | :05:48. | :05:52. | |
you what the weather is like, order a taxi, ether or even set up a | :05:53. | :05:58. | |
holiday. You won't eventually take over? Ummm.... Thank you very much. | :05:59. | :06:10. | |
Moving onto the Chinese on online retail giant Alibaba moving into | :06:11. | :06:18. | |
Southeast Asia, taking a controlling stake in the online retailer Lazada | :06:19. | :06:23. | |
for $1 billion US to expand the e-commerce business. The headquarter | :06:24. | :06:30. | |
is here in Singapore, and operates in Philippines, Thailand and | :06:31. | :06:32. | |
Vietnam, mostly the south-east Asian markets. Moving on to oil prices and | :06:33. | :06:38. | |
they have rallied to a four-month high following a report that Russia | :06:39. | :06:43. | |
and Saudi Arabia have agreed to freeze output, fuelling speculation | :06:44. | :06:46. | |
among investors that prices might reach the so-called golden cross, | :06:47. | :06:52. | |
which happens when the 200 day average falls below the 50 day | :06:53. | :06:55. | |
average. This indicates a major shift in trading momentum. Prices | :06:56. | :07:00. | |
haven't reached the golden cross since 2014. Myanmar is a country | :07:01. | :07:09. | |
rich in water resources and yet fish farming is an underdeveloped | :07:10. | :07:11. | |
industry. It means Paul ruled households are missing out on fish | :07:12. | :07:18. | |
as a source of nutrition as well as income -- poor rural. So, World Fish | :07:19. | :07:23. | |
set up a trade programme for small-scale fishfarming in the hope | :07:24. | :07:28. | |
of improving livelihoods. We have this report now from Myanmar Delta. | :07:29. | :07:36. | |
TRANSLATION: I started a fish farm two years ago. I was inspired by | :07:37. | :07:44. | |
those rich people who grow fish. I have five children. I used to grow | :07:45. | :07:53. | |
rice and some plants too. But seeing others doing fishfarming, I sold my | :07:54. | :08:00. | |
land and bought a small pond. I prefer to grow fish because it is | :08:01. | :08:07. | |
easier to manage. Right now there are different types of fish in my | :08:08. | :08:13. | |
pond and they are always small fish. I only harvest once a year, usually | :08:14. | :08:24. | |
in October or November. Fish is very important for nutrition, for food | :08:25. | :08:27. | |
security and also for generating incomes. My name is Gareth Johnston | :08:28. | :08:30. | |
and I am the country manager for World Fish. We are in the delta. | :08:31. | :08:37. | |
This water has a lot of water resources and people are used to | :08:38. | :08:42. | |
fishing but not necessarily doing it in Homestead Poms. Good morning. -- | :08:43. | :08:50. | |
Homestead ponds. We start off with the very basics in terms of a | :08:51. | :08:55. | |
selection of a site for a pond which could be in their garden. Then we | :08:56. | :08:59. | |
talk about the fish species, the quality of the water. So, we teach | :09:00. | :09:02. | |
them the whole process, from beginning to the end. The government | :09:03. | :09:06. | |
encourage people to grow rice. It doesn't allow users for growing | :09:07. | :09:13. | |
other agricultural projects, particular fish, so converting your | :09:14. | :09:17. | |
field into a fish pond is not a simple procedure and we hope the new | :09:18. | :09:22. | |
government will relax those laws and make it easier for farmers to make | :09:23. | :09:28. | |
those choices. Rice is certainly an important food source and it is a | :09:29. | :09:32. | |
stable but in itself it cannot provide all the nutrients. Fish is a | :09:33. | :09:39. | |
very important protein. In fact, Myanmar, as a number one animal | :09:40. | :09:46. | |
protein, is fish. They keep some fish to eat but sell the rest. | :09:47. | :09:54. | |
TRANSLATION: La season I made $250 US from selling fish. This year I | :09:55. | :09:57. | |
want to earn more, hopefully over $300 US. -- last season. I want to | :09:58. | :10:04. | |
do more but I don't have money and I don't have land. My ambition is to | :10:05. | :10:13. | |
expand my pond but I do need help. And quickly, before we go, this is | :10:14. | :10:17. | |
where Asian markets stand this hour, positive territory after gains | :10:18. | :10:22. | |
in US stocks and rising oil prices. Japan and Sydney gaining 1.7% | :10:23. | :10:27. | |
apiece. Thank you so much for investing your time with us. I am | :10:28. | :10:32. | |
Rico Hizon. Have a productive Wednesday. Goodbye for | :10:33. | :10:33. |